How is the premium for new car damage insurance calculated?
2 Answers
The cost of car damage insurance is primarily calculated based on the method of coverage. Generally, the insured amount for car damage insurance is determined according to the purchase price of the new car. Insurance companies consider this method of coverage as full coverage, and in the event of a claim, the policyholder can receive compensation for actual losses. The insured amount for car damage insurance can also be determined based on the actual value at the time of coverage. The actual value refers to the purchase price of the new car minus the depreciation amount.
When I first bought my new car, I specifically researched the calculation method for vehicle damage insurance. The basic formula is the vehicle purchase price multiplied by the insurance rate, which varies between insurance companies. For ordinary family cars, it's approximately 1.2%. For example, if you bought a car for 200,000 yuan, the first-year premium would be around 2,400 yuan. The coefficients for different car models vary significantly, with luxury cars reaching up to 1.5%, and new energy vehicles even higher. The nature of vehicle use also matters, as commercial vehicles can double the cost. There are no discounts for first-time insurance purchases, but if you don’t file a claim for three consecutive years, you can get up to a 40% discount. The reformed vehicle damage insurance now includes seven additional coverages such as theft and spontaneous combustion, so the premium is slightly higher than before. I recommend clarifying the insurance company's deductible clauses, as some companies do not cover engine damage caused by water submersion.
